Cyprus' Cabinet approved today a transaction on which the Russian-based LUKOIL petroleum company is purchasing 16 petrol stations in the island. The LUKOIL trademark will appear in them toward the year's end.

That is a mere start--the company intends to buy another several dozen petrol stations in Cyprus, says Vaghit Alekperov, company president.

The LUKOIL presently holds 23% of stock of the Greek government company, Hellenic Petroleum, alongside huge blocks of shares in several East European countries. It owns more than 1,500 petrol stations in the USA, the tycoon said to Novosti.